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Everton punishment reduced to six points

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Everton have had their points deduction for a breach of the Premier League’s profitability and sustainability rules reduced to six points from 10 after an appeal, the club and the Premier League said on Monday.

Everton were docked points with immediate effect in November after being found to have breached profitability and sustainability rules (PSR) relating to losses.

“An independent Appeal Board has concluded that the sanction for Everton FC’s breach of the Premier League’s Profitability and Sustainability Rules (PSRs), for the period ending Season 2021/22, will be an immediate six-point deduction,” the Premier League said in a statement.

The original points deduction meant Everton dropped from 14th in the standings into the relegation zone with four points. The club filed an appeal against the initial deduction, which they labelled “wholly disproportionate and unjust”.

“Everton can confirm an Appeal Board has concluded that the points deduction imposed by an independent Premier League Commission in November be reduced from 10 points to six points, with immediate effect,” a club statement said.

The sanction was appealed on nine grounds, each of which related to the sanction, rather then the breach and two of those nine grounds were upheld by the Appeal Board.

Everton admitted to a breach of PSR for the period ending with the 2021-22 season, with their total losses for that period amounting to 124.5 million pounds according to an independent commission.

According to the Premier League’s Financial Fair Play regulations, clubs are permitted to lose a maximum of $216 million over a three-year period.

The Merseyside club recorded four straight wins after their deduction to climb up to 16th, but have been dragged back into the relegation battle following a run of nine league games without a victory.

The reduction means Everton move up to 15th in the standings with 25 points, five points above the relegation zone.

The club say they are still considering the wider implications of the decision and will make no further comment at this time.

Everton were then charged once again by the Premier League in January for a separate PSR breach, along with Nottingham Forest.

Everton players celebrate

Everton players celebrate Photo: PHOTOSPORT

Both clubs were referred to the chair of the Judicial Panel, the Premier League said, who will appoint an independent commission to determine the appropriate sanction, which may include a further deduction for the Sean Dyche-led club.

A second points penalty would increase risk of relegation and add to the uncertainty over the future of Everton, who are currently in the midst of protracted takeover talks with U.S. investment fund 777 Partners and also hoping to move to a new stadium ahead of the 2025-26 season.

BACKGROUND ON OTHER CLUBS

Last year, Manchester City were referred to an independent commission over more than 100 alleged breaches of finance rules since the club were acquired by the Abu Dhabi-based City Football Group in 2008.

No verdict has been reached in that case. Premier League CEO Richard Masters said last month that a date had been set for a hearing. City have denied any wrongdoing.

Clubs in England’s top flight have been docked points before.

Middlesbrough had three points deducted in 1997 when they failed to fulfil a fixture, while Portsmouth received a nine-point penalty in 2010 when the financially-troubled club entered administration.

-Reuters

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Woman charged with murder after man found dead in Hamilton

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A 45-year-old woman has been charged with murder after a man died at a house in Hamilton early on Wednesday morning.

Police were called to an address on Cranmer Close, Rototuna at 2am, Detective Senior Sergeant Scott Neilson said.

There they found the man in a critical condition. Attempts by police and ambulance staff to resuscitate him were unsuccessful.

Police earlier said they would have a “significant” presence in the area while inquiries were made.

Neilson said the man and woman knew each other.

“Police are speaking with those involved and are offering support to the victim’s family.”

VIA RNZ

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Malaysia’s 6th humanitarian aid to Palestine to depart Cairo tomorrow

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Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said the shipment will consist of 1,358 tonnes of essential aid, including medical supplies, hygiene kits, food provisions and essential items for infants.

“This special mission involves the delivery of 100 containers from Malaysia to Gaza, coordinated through the Malaysian Consultative Council of Islamic Organisations (Mapim) warehouse in Cairo, Egypt.

“I urge Malaysians to continue their unwavering support for the Palestinians, especially in light of the ongoing developments in Gaza. Our commitment to this cause should be steadfast, driven by principles rather than solely religious affiliations,” he told reporters at a press conference today.

This mission will include 20 delegation members who will spend 10 days in Cairo, making preparations and overseeing the delivery process to the Rafah border. The delegation was expected to return three days before Hari Raya Aidilfitri.

Zahid, who is the patron of this mission, said Prime Minister Datuk Seri Anwar Ibrahim will engage with Egyptian President Abdel Fattah El-Sisi to facilitate the delegation’s passage through the Sinai Peninsula and the Rafah border.

Anwar, who was expected to attend an event in Pahang today, made an unexpected appearance at the flag-off event to demonstrate his solidarity with the mission.

Present were Mara chairman Datuk Dr Asyraf Wajdi Dusuki, National Disaster Management Agency director-general Datuk Khairul Shahril Idrus and the mission’s chief commissioner Sany Araby Datuk Abdul Alim Araby.

Zahid also announced that Umno will donate RM1 million to the mission.

This humanitarian aid was made possible through collaborative funding from six non-governmental organisations, spearheaded by the Mapim, alongside Cinta Gaza Malaysia, Iman Care Malaysia and Pertubuhan Glokal Ihsan Malaysia, as well as international organisations Federation of Islamic Associations New Zealand and the Al-Khair Foundation from the United Kingdom.

VIA NST

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Chocolate prices expected to rise

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By Maytaal Angel and Maxwell Akalaare Adombila, Reuters

Major African cocoa plants in Ivory Coast and Ghana have stopped or cut processing because they cannot afford to buy beans, four trading sources said, meaning chocolate prices around the world are likely to soar.

Chocolate-makers have already increased prices to consumers, after three years of poor cocoa harvests, with a fourth expected, in the two countries that produce nearly 60 percent of the world’s cocoa.

Cocoa prices have more than doubled over the last year, scaling numerous all-time highs.

“We need massive demand destruction to catch up with the supply destruction,” Tropical Research Services’ Steve Wateridge, a world expert on cocoa, said.

Chocolate-makers cannot produce chocolate using raw cocoa and rely on processors to turn beans into butter and liquor that can be made into chocolate.

But the processors say they cannot afford to buy the beans.

A cacao is harvested for the beans inside which are fermented to make chocolate.

Photo: RNZ/Supplied

State-controlled Ivorian bean processor Transcao, one of the country’s nine major plants, said it had stopped buying beans because of their price.

It said it was still processing from stock, but did not say what capacity it was running at. Two industry sources said the plant was almost idle.

They asked not to be named because they were not authorised to speak publicly on the issue.

One of the two sources said more major state run plants could shut soon in top grower Ivory Coast, which produces nearly half the world’s cocoa.

The same two sources said even global trader Cargill struggled to source beans for its major processing plant in Ivory Coast, halting operations for about a week last month. Cargill did not respond to a request for comment.

In No. 2 cocoa grower Ghana, most of its eight plants, including state-owned Cocoa Processing Company (CPC), have repeatedly suspended work for weeks since the season started in October, two separate industry sources said.

CPC said it is operating at about 20 percent of capacity because of the shortage of beans.

Disruption at the farm gate

The price rally has derailed a long-established mechanism for global cocoa trade, through which farmers sell beans to local dealers who sell them on to processing plants or global traders.

Those traders then sell beans or cocoa products – butter, powder and cocoa liquor – to global chocolate giants such as Nestle, Hershey, and Mondelez.

In normal times, the market is heavily regulated – traders and processors purchase beans from local dealers up to a year in advance at pre-agreed prices. Local regulators then set lower farmgate prices that farmers can charge for beans.

However, in times of shortage like this year, the system breaks down – local dealers often pay farmers a premium to the farmgate price to secure beans.

The dealers then sell the beans on the spot market at higher prices instead of delivering them at pre-agreed prices.

As global traders rush to purchase those beans at any price to meet their obligations with the chocolate firms, local processors are often left short of beans.

Ivorian and Ghanian authorities normally try to protect local plants by issuing them with cheap loans or by limiting volumes of beans that global traders can purchase.

This year, however, plants are not getting the cocoa they pre-ordered and cannot afford to buy at higher spot prices.

Already, chocolate-makers have raised prices. US retail stores charged 11.6 percent more for chocolate products last year compared with 2022, data from market research firm Circana shows.

The International Cocoa Organisation (ICCO) expects global cocoa production will fall by 10.9percent to 4.45 million metric tons this season.

Grindings – a measure of demand – will fall by 4.8 percent to 4.78 million as processors struggle to buy beans, and supply less butter at a higher price to chocolate-makers, which in turn raise prices.

The supply-demand mismatch will leave the market with a deficit of 374,000 tons this season, up from 74,000 tons last season, according to the ICCO.

This means processors and chocolate firms will have to draw on cocoa stocks to fully cover their needs. The ICCO expects global cocoa stocks to fall to their lowest in 45 years by the season end.

Wateridge of Tropical Research said the cocoa market could post another deficit next season based on the severity of bean disease in West Africa.

The market has not seen four successive years of deficit since the late 1960s, ICCO data shows.

– This story was first published by Reuters
VIA RNZ

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